Recently, the Bitcoin market has experienced a significant fall, and analysis indicates that this is primarily due to the influence of three key factors.

First, the firm stance of Federal Reserve Chairman Powell has drawn attention. He clearly stated that the president does not have the authority to dismiss him, a statement that dispelled market speculation about his potential resignation, and may also influence the future direction of monetary policy.

Secondly, an important investor who has held Bitcoin for 14 years has begun to sell off on a large scale, causing significant fluctuations in the market. The behavior of long-term holders is often seen as an important indicator of market direction, so this movement has raised the vigilance of investors.

Third, the fund flow of Bitcoin ETFs has reversed. After a month of continuous net inflows, there has been a rare occurrence of net outflows in the past three days. The fund flow of ETFs is considered an important indicator of institutional investors' attitudes, and this change may suggest a shift in market sentiment.

Nevertheless, from a longer-term perspective, the current market adjustment may be healthy. Investors should closely monitor the fund flow trends of Bitcoin ETFs: if net outflows continue, it may indicate a bearish turn in the market; whereas if there is a return of large inflows, it could signal that large funds are positioning themselves at lower levels.

Overall, the Bitcoin market is facing multiple factors of scrutiny, and investors need to remain vigilant while also objectively analyzing long-term trends to avoid being swayed by short-term fluctuations.